Top 10 ways to generate additional revenue beyond rent for your property

 By Krish Gaurav Tilokani

1. Onsite Gym Membership

Not every property has the space or need for a full-fledged gym, but many property managers have found success with installing some basic gym equipment like treadmills and weights, and charging tenants a small fee for using them.

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2. Rent Amenities

If your amenities are not being utilized at certain timings like weekday business hours, you can rent the spaces out to gym and yoga instructors.

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3. Parking

Property owners can charge a fee for premium parking spaces. If spaces go underutilized during certain hours, there are several online portals like SpotHero and Parkwhiz that allow you to rent them out for a few hours. In urban neighborhoods where demand for parking is high, this can be a great source of revenue.

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4. Doorman / Concierge

Having a doorman or a concierge service can really uplift a property’s perceived value, which can allow for a small increase in rent for new tenants.

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5. Leasing your roof space for solar

Roof spaces are a major piece of real estate that often go unused, but can easily be monetized by leasing it to a solar developer, such as Breiter Planet Properties, to install solar panels. Exterior leases have no upfront costs and generate a steady revenue source for property owners for 20-25 years. 

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6. Memberships to different local organizations

Property owners can collaborate with nearby businesses to offer discounted memberships to gyms, yoga studios, coupons for restaurants, etc. for a commission.

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7. Conference room or common area rentals

Renting conference rooms or common areas to tenants to host private events can bring in additional revenue from existing amenities.

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8. Equipment rentals

Tenants at commercial properties occasionally require equipment such as desks, file cabinets or audio-visual equipment. Property owners can make additional revenue by renting these items out to tenants.

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9. Co-working space subscription

Property owners can rent out unused spaces or conference rooms to start-ups as co-working spaces based on monthly subscriptions.

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10. Subscribing to Solar Energy

Energy costs are constantly on the rise. With no upfront costs, property owners can subscribe to purchase energy from local solar farms at rates cheaper than regular electricity from the grid.

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